MEET THE PRESS. Newly-appointed Maharlika Investment Corp. president and chief executive officer Rafael Jose Consing Jr. answers question from the media in a press briefing at the Manila House in Bonifacio Global City, Taguig City on Wednesday (Nov. 15, 2023). Consing names four investment pillars of the sovereign development fund. (PNA photo by Kris M. Crismundo)
MANILA – Newly-appointed Maharlika Investment Corp. (MIC) president and chief executive officer Rafael Jose Consing Jr. has identified four priority areas where the sovereign fund will be poured into.
Consing said the four investment pillars include tourism infrastructure, building agricultural urbanism, energy, and information and communications technology (ICT).
“If you look at all four pillars, the common thread of these four pillars of investment is really generating employment and socioeconomic development, or being able to meet the socio-economic development goals of the Philippines, of the government,” he said in his first press briefing as MIC chief in Taguig City on Wednesday.
In particular, Consing said he is keen on putting the Maharlika Investment Fund (MIF) in the infrastructure flagship projects (IFPs) of the government, 38 of which fall under public-private partnership (PPP).
For tourism infrastructure, the MIC chief named four airport projects that he considers vital. These include the New Manila International Airport in Bulacan, the rehabilitation of the Ninoy Aquino International Airport, the Laoag International Airport Development Project, and the upgrading of the Laguindingan Airport.
In terms of energy projects, Consing mentioned the rehabilitation of two hydropower projects including the Agus-Pulangi and the Caliraya-Botocan-Kalayaan hydropower plants.
He added that investing in agri-urbanization projects should ensure that food security would be prioritized apart from building residential units.
On the other hand, Consing has yet to mention specific ICT projects for potential investments from the MIF.
He emphasized that the MIF could be a catalyst to expedite the delivery of these IFPs through its investments.
Luring investors
The MIC will be undertaking follow-up roadshows in countries where there are initial indications by potential investors of putting their money or assets into the Fund, Consing said.
During the recent trip of President Ferdinand R. Marcos Jr. to Saudi Arabia, the Malacañang Palace said investors from the Middle East country are interested in investing.
He said wooing investors to the sovereign development fund will help to fund the critical projects in the country that will accelerate socio-economic growth.
“When we talk about that amount that’s available today, I think it’s a little over PHP100 billion, if you include the partial contribution of the BSP (Bangko Sentral ng Pilipinas). So when you look at that, it’s the seed capital from which we intend to raise more money coming from foreign investors.
Management team
Consing added that as he assumes the position, he targets to build the MIC management team within one to two months.
“I have nothing to do with choosing who the board members are… But in terms of hiring the rest of the management team, I’m part of that; I’m employee number one. I am hoping that over the next 30 or 60 days, we’ve been able to fill up certain of these very important roles within the management team,” he said.
He highlighted three operating principles in choosing the members of the management team, which include the individuals who are world-class professionals who will be hired on the basis of integrity, intelligence, and initiative; rigorous; and transparent. (PNA)
